Baha Mar's original developer Sarkis Izmirlian.
By NEIL HARTNELL
Tribune Business Editor
nhartnell@tribunemedia.net
Baha Mar's original developer has won more than $1.6bn in damages over its fraud and breach of contract claim against the project's main contractor.
Judge Andrew Borrok, sitting in the New York State Supreme Court, ruled on Friday that Sarkis Izmirlian had proven his fraud claim against China Construction America (CCA) "beyond doubt".
In "falsely" telling Mr Izmirlian they would achieve Baha Mar's substantial completion by the March 27, 2015, target date, he found that CCA representatives triggered the events that led to the project's "liquidity" crisis and ultimately the original developer's ouster.
Judge Borrok also branded the November 2014 meeting in Beijing, where the completion date was agreed as an "absolute sham and shakedown" perpetrated on Mr Izmirlian by CCA.
He added that the $54m, which CCA induced the developer to release for purported payments to sub-contractors and to cover the cost of construction changes, was instead used to finance the Chinese state-owned contractor's purchase of downtown Nassau's British Colonial property.
Mr Izmirlian, in a statement, said he was "grateful to have finally had our day in the US judicial system".
He added: "I first conceived of Baha Mar more than 20 years ago only to see it ripped out of my hands at the brink of opening by CCA."
Read the full story in tomorrow's Tribune.
Comments
Baha10 5 hours, 50 minutes ago
WOW!!!
ThisIsOurs 4 hours, 28 minutes ago
""I first conceived of Baha Mar more than 20 years ago only to see it ripped out of my hands at the brink of opening by CCA."
This the cry of many Bahamians, Izmirilian is only a famous one among us, so is Toby Smith, but there are likely thousands of others who've presented good ideas with viable well thought out plans to contribute to the growth of the economy and seen them ripped away by brain dead dummies who couldnt produce an idea if you paid them a billion dollars
This is why our country's growth is stagnant to nonexistent. What's their plan? tax the people lucky enough to break above the gatekeepers angel of death crooked grasps with nonstop taxes on their innovations
hj 4 hours, 10 minutes ago
@ThisisOurs, exactly, this country suffers from corrupt politicians who all they care about is fill their own pockets at the expense of everyone else. God forbid if someone makes a little progress for himself or has an idea that can help the country. The goons at Inland Revenue and other government agencies will be all over him,making sure he is taxed to death,and or asking for handouts until he gives up.
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